Sen. Bernie Sanders (I-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) recently introduced the Loan Shark Prevention Act, which they claim will end the plague of unfettered, unscrupulous usury in the United States. “Under the legislation we are introducing today, we would establish a national usury rate to make sure that no bank or store in America could charge an interest rate higher than 15 percent,” Sanders said.
Ocasio-Cortez, the other half of the democratic socialist dynamic duo, chipped in via Twitter: “There is no reason a person should pay more than 15% interest in the United States. … It’s a debt trap for working people + it has to end.”
Once again, as is their prerogative, Sanders and Ocasio-Cortez are lobbying unwarranted attacks against the free-enterprise system. Moreover, they are resorting to ad hominem attacks because their policy positions lack rigor and cannot withstand basic economic scrutiny.